Florida housing officials are reopening a program to help homeowners who owe more on their mortgages than their houses are worth.
Florida took a hit when the housing bubble burst and leveled the prices of homes. As the leading state in declining housing prices, the U.S. Treasury provided Florida with over $1 billion dollars to restore the state’s economy, as well as decrease unemployment rates, said Cecka Green, director of communications of The Florida Housing Corporation.
Of the $1 billion provided, $350 million was directed towards restoring the housing market.
In 2013, The Florida Housing Corporation initiated the Florida Hardest-Hit Fund Principal Reduction program. Homeowners with houses underwater could apply to receive a portion of the funds if they met the proper qualifications.
The program is now reinstated and will be available to applicants starting May 15 at 9 a.m. Those who apply could receive up to $50,000 from the program.
Last year only nine percent of the 25,000 people who applied qualified to receive monetary support. However, there are still candidates being reviewed, Green said.
The application process for the program is online at www.principalreductionflhhf.org
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